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Equinix shares rose 12% on May 9, 2024, their biggest one-day gain since March 2020, after the company said an internal accounting investigation had substantially concluded and found its financial reporting accurate. The rally was a dated market reaction to that announcement—not a current share move or a guarantee of future returns.
What drove Equinix’s May 9, 2024 rally?
Bloomberg News reported that Equinix’s shares climbed 12% during the Thursday, May 9 session. The reported immediate catalyst was Equinix’s announcement that it had substantially wrapped up its internal accounting investigation and that its financial reporting had been accurate. The report appeared May 10, 2024, and described the gain as the stock’s largest since March 2020. Bloomberg News report hosted by Data Center Knowledge
The announcement came after allegations by a short seller in March. Those allegations were the backdrop to the investigation; they should not be treated as established findings. Likewise, the reported conclusion about the accuracy of financial reporting was Equinix’s statement, not an independent adjudication by the news report.
What did the rally mean for short sellers?
Bloomberg reported, citing S3 Partners, that short positions in Equinix had more than $141 million in paper losses after the rally. That was an attributed estimate of mark-to-market losses, not a tally of losses investors had actually realized.
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S3 Partners managing director Ihor Dusaniwsky said: “We should be seeing short covering as some shorts exit their trades in order to realize what is left of their year-to-date mark-to-market gains.” This was a forecast about what some short sellers might do, not confirmation that all of them covered their positions. In the report’s account, Equinix’s announcement was the news catalyst; possible short covering was a market mechanism that could contribute to trading after the jump.
What analysts said at the time
The analyst figures in Bloomberg’s May 10, 2024 report are historical snapshots, not current ratings or forecasts. Bloomberg compiled 21 buy, seven hold and no sell ratings, and reported an expected upside of 18%. The expected upside was analysts’ estimate at publication, not a realized return. Bloomberg News report hosted by Data Center Knowledge
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Citigroup analyst Michael Rollins said the market might increasingly focus on Equinix’s operating fundamentals and its opportunity to return organic revenue growth to an annual target range of 8–10% later in 2024 and potentially in future years. He framed that as a possible focus and opportunity at the time; it was not a promise about the company’s results or a present-day forecast.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Later company results are separate from the 2024 event
In a July 29, 2026 release, Equinix reported that monthly recurring revenue grew 11% year over year in the second quarter of 2026 and said it had raised its 2026 guidance. Those are later, company-reported operating results and guidance; they do not establish that the May 2024 rally predicted later performance or provide an independent assessment of EQIX’s valuation.
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Sources: Equinix’s July 29, 2026 results release and its SEC-hosted filing.
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